Residential Claims BUILDING CLAIMS LINE BCLUK - MAGAZINE BCLUK. Ultimate guide to claims handing for residential and domestic policyholders

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1 BUILDING CLAIMS LINE BCLUK - MAGAZINE Residential Claims Ultimate guide to claims handing for residential and domestic policyholders BCLUK 2018 A F A I R E R D E A L

2 Ultimate guide for building insurance claims using a Loss Assessor Table of Contents Ultimate guide for building insurance claims using a Loss Assessor... 3 Building insurance claims handling... 3 Why do insurance companies have Loss Adjusters?... 4 So what can the policyholder do in such a case?... 5 Hire a Loss Assessor early?

3 Ultimate guide for building insurance claims using a Loss Assessor Building insurance claims handling Who are not interested in your final outcome Building insurance claims handling can become complicated and sometimes if the wrong approach is used from day one you could be left out of pocket by many thousands of pounds. This guide tries to simply what needs to be remembered when approaching insurers and Loss Adjusters, and the like (who are not interested in your final outcome). When it comes to building insurance there are issues to understand however the approach is quite basic and many don t know the difference between the two key players the Loss Adjuster (who is employed by the insurer) and the Loss Assessor (who is employed by the policyholder). This difference is imperative to understand. Loss Adjusters work on the behalf of the insurance company and protect or minimise the money that the building insurance company has to pay to the policyholder (flat owner, house owner, business or organisation) Loss Assessors work on behalf of the policyholder and try to be reasonable in their approach with the insurer s Loss Adjuster in order to achieve a fair settlement 3

4 Why do insurance companies have Loss Adjusters? It is not in the interest of the insurance companies to payout claims made by the policyholder but increasingly look at the policy conditions in order not to pay. The role of a Loss Adjuster is to act in the interest of the insurance company and investigate matters in the favour of the insurance company. Loss Adjusters are experts in the settlement of insurance claims on behalf of the insurance company who employ them. Therefore, a Loss Adjuster is an insurance specialist paid by the insurance company. If the claim by the policyholder is complex it will be referred to the Loss Adjuster by the insurance provider. The Loss Adjuster will check: That the claim made by the policyholder is covered by the insurance company The cause of the incident leading to the claim has been clarified Visit the site to obtain evidence and take photographs Establish the extent of the damage or repairs For complex claims they will engage other specialists such as: Forensic experts Specialist surveyors It is not in the interest of the insurance companies to payout claims The Loss Adjuster will investigate the incident using their own protocols and not industry standard impartial building defects investigations. In the end, the Loss Adjuster or the insurance company s experts will try and avoid payment or under value the amount due to the policyholder. Since the Loss Adjuster acts on behalf of the insurance company, they will present a report to the insurance company with conclusions of the cause of the claim and the amount to be paid. The policyholder may have another view, which may be ignored. It is not in the interest of the Loss Adjuster to recommend reasonable payments but to offer for settlement the absolute minimal amounts which they can justify. As part of the Loss Adjuster s report, they will propose what some may conclude to an under estimation. In some cases, the Loss Adjuster will try to call it wear and tear and therefore recommend no payment at all. 4

5 So what can the policyholder do in such a case? Well, the policyholder should engage the services of a building claims expert or a Loss Assessor. In turn, the Loss Assessor will provide professional services in the favour of the policyholder while the Loss Adjuster will not advise the policyholder to what can be compensated. Basically the Loss Adjuster will reach a conclusion as to whether you are covered for the insurable event. Once the Loss Adjuster has reached a conclusion or recommendation in order to protect the insurance company and it looks to be a bad decision, the policyholder will have to challenge the Loss Adjuster by using his own professional the Loss Assessor. The financial outcome reached by the Loss Adjuster to the insurance company may not be able to be adjusted, if the policyholder cannot challenge it. If the policyholder is not happy with the financial settlement given by the insurer, it will be the burden of the policyholder to prove that the amount compensated is unjustified taking into account all the circumstances. Well, the policyholder should engage the services of a building claims expert or a Loss Assessor Simply: The insurer will hire a Loss Adjuster to minimise a financial outcome In turn, the policyholder has to hire a Loss Assessor to act on his behalf The Loss Adjuster and the Loss Assessor will meet to conclude a final outcome Professional tip: The policyholder should appoint a Loss Assessor as soon as possible and before the Loss Adjuster has concluded all matters. Therefore, as soon as you are aware that there has insurable damage call a Loss Assessor, otherwise the policyholder will regret it. Now, we can look at why we need Loss Assessor The services of a Loss Assessor are essential for every building insurance policyholder and it is similar to dialling 999 number in the case of an emergency. So you should keep the telephone of a trusted Loss Assessor to hand or stored on your mobile. If you are a policyholder you need to appoint a Loss Assessor (your claims expert) and the Loss Assessor will deal with: 5

6 Fire claims Flood claims Bust pipe claims Impact damage claims Storm damage claims Third party damage claims Theft damage claims Riot damage claims Malicious damage claims Business interruption claims The Loss Assessor can deal with home owners, business owners, landlords, letting agents, estate agents and commercial estate managers. As Loss Assessors are experts who act for the interests of the policyholder, they are therefore experts in handling building insurance claims. The Loss Assessor will project manage the entire process by: Meeting the Loss Adjuster Dealing with all the paperwork Engaging workmen to complete the works Paying the workmen Only taking the insurance excess from the policyholder Checking the final completed works Removing all rubbish from the premises Achieving the best deal The strengths of a good Loss Assessor are as follows: As Loss Assessors are experts who act for the interests of the policyholder, they are therefore experts in handling building insurance claims. They understand the insurance industry due to their experience in dealing with Loss Adjusters and insurance companies They understand the terms and conditions of the insurance policy They produce an accurate work schedule which they can agree with the Loss Adjuster They will price the works and find suitable builders to complete the works They will arrange all payments and excess payments They only act in the interest of the policyholder 6

7 Hire a Loss Assessor early? In many cases, the Loss Assessor is appointed late and this may lead to many complications in dealing with Loss Adjusters and insurers. If you have had a fire, water leak and other damage, it is safe every time to call a Loss Assessor who will be able to project manage the entire process on your behalf. Dealing with insurers who don t want to pay is not easy and they will try to give you a small amount of compensation. The earlier you employ a Loss Assessor, the easier it will be to negotiate a better outcome. Professional tip: As soon as you have an insurance claim appoint a Loss Assessor. What can a Loss Assessor provide? Project manage the claims handling process Deal with the Loss Adjuster Deal with the insurer Conclude all matters regarding your insurance terms and conditions Carry out any emergency investigations and works Prepare a schedule of works and agree them with the insurance company and Loss Adjusters Project manage the repair and cleaning works Carry out the final sign off with the policyholder Call a Loss Assessor who will be able to project manage the entire process on your behalf 7